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"We are pleased to report positive comparable sales for all of our retail brands this quarter. I am also pleased with the progress we are making to move to a leaner, more efficient inventory model, which is particularly important as custom clothing becomes a larger percentage of our mix. With leaner inventories, we can improve the customer experience and free-up working capital." said Tailored Brands CEO Doug Ewert.
On a Gaap basis, consolidated gross margin of the US-based company was $368.9 million, a decrease of $27.8 million, primarily due to the decrease in net sales. As a percent of sales, consolidated gross margin decreased 180 basis points to 44.8 per cent. On an adjusted basis, consolidated gross margin decreased 130 basis points, primarily due to a decrease in retail segment gross margin rate.
Second quarter Gaap results include charges of $8.1 million related to the partial redemption of $175 million of the company's senior notes, $4.4 million related to the closure of a rental product distribution center, and $0.2 million. Of the $12.7 million total charges, $6.3 million were non-cash.
"We continue to strengthen our balance sheet. During the quarter, we completed a $175 million partial redemption of our senior notes and our total debt is down $325 million versus a year ago." Ewert added,
Cash and cash equivalents at the end of the second quarter of 2018 were $68.2 million, a decrease of $44.5 million compared to the end of the second quarter of 2017, primarily due to the use of cash on hand to fund a portion of the $175 million partial redemption of senior notes. At the end of the second quarter of 2018, there were $104.5 million of borrowings outstanding on our revolving credit facility, which was used to fund the remaining portion of the senior notes redemption.
For fiscal 2018, the company continues to expect comparable sales for Men's Wearhouse and Jos. A. Bank to be positive low-single-digits. The Company is increasing its outlook for Moores comparable sales to be positive low-single-digits, up from flat-to-up slightly, and raising its outlook for K&G comparable sales to be flat-to-up slightly, up from flat-to-down slightly. (RR)
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